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A cup of Tim Hortons coffee is pictured Burger King Whopper at a Burger King restaurant in Toronto on Monday August 25, 2014.
A cup of Tim Hortons coffee is pictured Burger King Whopper at a Burger King restaurant in Toronto on Monday August 25, 2014.
(Chris Young/Chris Young for The Globe and Mail)

Wednesday's analyst upgrades and downgrades

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

Analysts have been quickly moving up their price targets on Tim Hortons Inc. in the wake of the merger deal with Burger King Worldwide Inc.

Burger King agreed to acquire Tim Hortons for about $12.5-billion (Canadian), but because the deal involves both cash and stock, the precise value is a moving target. Tim Hortons investors will receive $65.50 in cash and 0.8025 a share of the combined entity for each share they own. 3G Capital, the investment firm that owns about 70 per cent of Burger King, will convert that stake into roughly 51 per cent of the new company.